Nuveen LLC Invests $5.23 Million in PowerFleet, Inc. $AIOT

Key Points

• Nuveen LLC has acquired a new position in PowerFleet, Inc., purchasing approximately 953,132 shares valued at around $5.23 million.
• Several institutional investors, including Dimensional Fund Advisors and JPMorgan Chase & Co., have also recently invested in PowerFleet, with institutional ownership standing at 73.40%.
• PowerFleet's shares are currently valued at $4.64, with a one-year price range between $3.70 and $8.71, and have received mixed ratings from analysts, including a target price of $15.00 from Barrington Research.

Nuveen LLC bought a new position in PowerFleet, Inc. (NASDAQ:AIOT - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 953,132 shares of the company's stock, valued at approximately $5,233,000. Nuveen LLC owned approximately 0.72% of PowerFleet as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AIOT. JPMorgan Chase & Co. purchased a new stake in PowerFleet in the 4th quarter worth approximately $694,000. Wells Fargo & Company MN purchased a new stake in PowerFleet in the 4th quarter worth approximately $369,000. Legal & General Group Plc purchased a new stake in PowerFleet in the 4th quarter worth approximately $58,000. Dimensional Fund Advisors LP purchased a new stake in PowerFleet in the 4th quarter worth approximately $7,285,000. Finally, MetLife Investment Management LLC purchased a new stake in PowerFleet in the 4th quarter worth approximately $381,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

PowerFleet Stock Up 0.2%

Shares of PowerFleet stock traded up $0.01 during midday trading on Friday, reaching $4.67. 860,555 shares of the company's stock traded hands, compared to its average volume of 1,778,111. The company has a market cap of $623.16 million, a price-to-earnings ratio of -15.57 and a beta of 1.28. The company's 50 day simple moving average is $4.38 and its 200 day simple moving average is $5.11. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.92 and a current ratio of 1.07. PowerFleet, Inc. has a 52 week low of $3.70 and a 52 week high of $8.71.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Wall Street Zen downgraded shares of PowerFleet from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Barrington Research reiterated an "outperform" rating and issued a $15.00 target price on shares of PowerFleet in a research report on Friday, August 22nd. Zacks Research downgraded shares of PowerFleet from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Finally, Lake Street Capital set a $8.00 price target on shares of PowerFleet and gave the company a "buy" rating in a report on Tuesday, May 27th. Five analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.50.

Insiders Place Their Bets

In other PowerFleet news, Director Michael J. Mcconnell purchased 10,000 shares of the business's stock in a transaction dated Monday, August 18th. The shares were acquired at an average price of $4.64 per share, for a total transaction of $46,400.00. Following the acquisition, the director owned 28,028 shares of the company's stock, valued at $130,049.92. This trade represents a 55.47% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Steven Mark Towe bought 23,157 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average price of $4.42 per share, for a total transaction of $102,353.94. Following the acquisition, the chief executive officer directly owned 2,457,923 shares in the company, valued at approximately $10,864,019.66. This trade represents a 0.95% increase in their ownership of the stock. The disclosure for this purchase can be found here. 6.30% of the stock is currently owned by company insiders.

PowerFleet Profile

PowerFleet, Inc engages in the provision of fleet management solutions for logistics, industrial, and vehicles. It offers wireless Internet of Things and machine to machine solutions for securing, controlling, tracking, and managing enterprise assets such as industrial trucks, tractor trailers, containers, cargo, and vehicle and truck fleets.